Reuters: Global Markets: Weatherford shares buoyed by talk of improvement

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Weatherford shares buoyed by talk of improvement May 3rd 2013, 16:41 HOUSTON | Fri May 3, 2013 12:41pm EDT HOUSTON (Reuters) - Shares of oilfield services firm Weatherford International Ltd (WFT.N) soared more than 8 percent on Friday, lifted by an improving outlook. The company, which reported lower first-quarter earnings on Thursday, told analysts in a conference call on Friday that its plans to improve profitability were taking hold. "These areas of focus - working capital, capital allocation, business focus, and efficiency - will be the building blocks that will allow us to deliver increasing free cash flow and higher earnings from 2013 onwards," Weatherford's Chief Administrative officer Dharmesh Mehta said according to a transcript of the company's earnings call. Those comments and others, were "credible and informative" and contributed to the stock's rise on Friday, Bill Herbert, oilfield services analyst at Simmons & Co International, said in an email. Shares of Weatherford rose $1.10 to $13.78 in midday New York Stock Exchange trading. (Reporting by Anna Driver; Editing by Gerald E. McCormick)

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